Victoria Ltd.’s statement of financial position at December 31,2019, is presented below.
During January 2020. the following transactions occurred. Victoria uses the perpetual inventory method.
1. Interest is recorded for the month on the note from January 1.
2. Bad debts are expected to be 6% of the January 31. 2020, accounts receivable.
3. A count of supplies on January 31,2020. reveals that £560 remains unused.
(You may want to set up T-accounts to determine ending balances.)
a. Prepare journal entries for the above transactions and the adjusting entries. (Include entries for cost of goods sold using the perpetual system.)
b. Prepare an adjusted trial balance at January 31.2020.
c. Prepare an income statement and a retained earnings statement for the month ending January 31,2020, and a classified statement of financial position as of January 31, 2020.
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